Debt investor information

Credit Ratings

African Bank Limited’s most recent rating received from S&P Global Ratings (S&P) was that of 5 October 2023. The global long- and short-term issuer credit rating was retained at a ‘B’, with the “positive” outlook. S&P have also affirmed the ‘zaA-/ zaA-2’ long-term and short-term South African national scale ratings for African Bank Limited, respectively.

In March 2024 Moody’s Investor Services (Moody’s) upgraded African Bank Limited and assigned it a long- and-short- term local and foreign currency deposit ratings of ‘Ba2/NP’, with a stable outlook assigned to the long-term deposit rating. Moody’s also assigned a long-and-short-term national scale bank deposits rating of ‘Aa2.za/P- 1.za’.”

Funding overview

The African Bank Group has three listed Domestic Medium-Term Note (DMTN) Programmes which are:

• The African Bank Limited DMTN programme,
• The African Bank Holdings Limited programme, and
• The Grindrod Bank Limited DMTN programme (see the Grindrod Bank website for details of this programme)

In addition to wholesale funding raised by means of the DMTN programmes listed on the JSE, bilateral deposits are raised from South African corporate asset managers on a one-on-one basis. This funding is subject to certain general and product specific terms and conditions. These terms and conditions are detailed in this section below.”